Stockholders' Equity And Stock-Based Compensation (Tables)

9 Months Ended

Jun. 26, 2020

Stockholders' Equity And Stock-Based Compensation [Abstract]

Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan

The following table summarizes information about all stock options issued under our 2020 Stock Plan:

	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value (1)
	(in thousands)			(in years)	(in thousands)
Options outstanding at September 27, 2019	7,201	$	48.03
Grants	1,109	67.84
Exercises	(1,334)	39.53
Forfeitures and cancellations	(80)	62.24
Options outstanding at June 26, 2020	6,896	52.70		6.37	$	92,659
Options vested and expected to vest at June 26, 2020	6,592	52.10		6.28	92,352
Options exercisable at June 26, 2020	4,157	$	45.18	5.32	$	85,543

(1)Aggregate intrinsic value is based on the closing price of our Class A common stock on June 26, 2020 of $65.76 and excludes the impact of options that were not in-the-money.

Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan

The following table summarizes information about RSUs issued under our 2020 Stock Plan:

	Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Non-vested at September 27, 2019	2,805	$	58.84
Granted	1,348	65.79
Vested	(1,021)	52.40
Forfeitures	(123)	60.92
Non-vested at June 26, 2020	3,009	$	62.58

Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions

The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Expected life (in years)	4.91		4.90		4.91		4.90
Risk-free interest rate	0.4	%	2.4	%	1.7	%	2.7	%
Expected stock price volatility	29.4	%	22.5	%	24.0	%	22.9	%
Dividend yield	1.5	%	1.2	%	1.3	%	1.1	%

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following two tables separately present stock-based compensation expense both by award type and classification in our consolidated statements of operations (in thousands):

Expense - By Award Type

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Compensation expense - by type
Stock options	$	4,053	$	4,260	$	12,573	$	13,561
Restricted stock units	15,983		13,566		48,800		42,836
Employee stock purchase plan	1,249		1,037		3,477		3,183
Total stock-based compensation	21,285		18,863		64,850		59,580
Benefit from income taxes	(3,392)		(3,320)		(10,507)		(10,545)
Total stock-based compensation, net of tax	$	17,893	$	15,543	$	54,343	$	49,035

Expense - By Income Statement Line Item Classification

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Compensation expense - by classification
Cost of products and services	$	505	$	428	$	1,555	$	1,328
Research and development	6,202		5,830		19,368		17,856
Sales and marketing	7,892		6,918		$	23,768	$	22,352
General and administrative	6,686		5,687		20,159		18,044
Total stock-based compensation expense	21,285		18,863		64,850		59,580
Benefit from income taxes	(3,392)		(3,320)		(10,507)		(10,545)
Total stock-based compensation, net of tax	$	17,893	$	15,543	$	54,343	$	49,035

Schedule of Tax Benefit from Exercise of Options

This benefit was as follows (in thousands):

	Fiscal Quarter Ended				Fiscal Year-To-Date Ended
	June 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Tax benefit - shares issued under ESPP	$	107	$	104	$	359	$	305

Schedule of Stock Repurchase Authorizations

The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of June 26, 2020 (in thousands):

Authorization Period	Authorization Amount
Fiscal 2010: November 2009	$	250,000
Fiscal 2010: July 2010	300,000
Fiscal 2011: July 2011	250,000
Fiscal 2012: February 2012	100,000
Fiscal 2015: October 2014	200,000
Fiscal 2017: January 2017	200,000
Fiscal 2018: July 2018	350,000
Fiscal 2019: July 2019	350,000
Total	$	2,000,000

Schedule of Stock Repurchase Activity

The following table provides information regarding share repurchase activity under the program during fiscal 2020:

Quarterly Repurchase Activity	Shares Repurchased	Cost in thousands (1)		Average Price Paid Per Share (2)
Q1 - Quarter ended December 27, 2019	432,042	$	30,003	$	69.44
Q2 - Quarter ended March 27, 2020	1,015,481	71,669		70.57
Q3 - Quarter ended June 26, 2020	474,340	27,081		57.09
Total	1,921,863	$	128,753

(1)Cost of share repurchases includes the price paid per share and applicable commissions.

(2)Average price paid per share excludes commission costs.

Dividends Declared

The following table summarizes dividends declared under the program in relation to fiscal 2020:

Fiscal Period	Announcement Date	Record Date	Payment Date	Cash Dividend Per Common Share		Dividend Payment
Fiscal 2020
Q1 - Quarter ended December 27, 2019	January 29, 2020	February 10, 2020	February 20, 2020	$	0.22	$22.2 million
Q2 - Quarter ended March 27, 2020	May 4, 2020	May 18, 2020	May 27, 2020	$	0.22	$22.1 million
Q3 - Quarter ended June 26, 2020	August 3, 2020	August 17, 2020	August 26, 2020	$	0.22	$22.1 million	(1)

(1)The amount of the dividend payment is estimated based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.